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Dow to Buy Rohm and Haas under New Terms

Wednesday, March 11, 2009

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The Dow Chemical Company (Midland, MI) announced that it has reached agreement with Rohm and Haas Company (Philadelphia, PA) to permit Dow to close on its acquisition by April 1, 2009, on financial terms substantially altered from the ones originally set in 2008. The agreement resolves litigation Rohm and Haas initiated against Dow on January 26, 2009.

Rohm and Haas’s two largest shareholders have agreed to purchase $2.5 billion in face value of perpetual preferred equity issued by Dow. The Haas Family Trusts will make an investment in an additional $500 million of Dow’s equity. Dow said that it has restructured the transaction to pay the equivalent of $63 per share in cash and $15 per share in face value of preferred equity securities. The financing for the acquisition also includes equity investments of $3 billion by Berkshire Hathaway and $1 billion by the Kuwait Investment Authority (KIA).

According to the Dow, it has also started an aggressive asset divestment program expected to yield $4 billion. Divestments from this program will address the cash shortfall created by the failure of the K-Dow transaction.

Dow is a diversified chemical company, and Rohm and Haas creates and develops solutions and technologies for the specialty materials industry. Both companies make products for high-performance coatings.

More information on this transaction can be found at www.dow.com.

   

Tagged categories: Acquisitions; Dow Chemical Company; Raw materials; Rohm and Haas

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